Because You Can't Come Back

The sad truth is that everybody dies. It is not a matter of if you will pass, but of when. It may be difficult to think about, but it is a topic that every family should be prepared to discuss and have a plan for that eventuality. What will your family do if you pass unexpectedly? Will they be prepared? Will they be able to handle the financial burden that your passing creates?
Did you know the average cost of a funeral service as of 2012 is between $7,000 and $10,000?  It’s true. The cost of a casket alone could easily be $2,000 (and up). A simple burial plot can cost your family $1,000+. These are just some of the costs associated with a funeral, which alone could overwhelm a family who has lost a loved one.But consider also the debt you may leave behind. The average American household had close to $14,000 in credit card debt as recently as March of 2012. While this might be a number that you and your significant other could manage together, would they be able to handle this amount of debt on their own?
However, there are even more finances to consider. What about a mortgage? The average American mortgage increased approximately $20,000 in 2012 to $235,000. That means if you have a 30-year fixed rate mortgage with a 7% interest rate, you may be managing a monthly mortgage payment of almost $1,600.
These are all expenses that could be managed as a couple, but could easily become overwhelming or unmanageable should one of you pass. Having Term Life Insurance can help protect your family from the financial hardships that they would face if you were to be uninsured at the time of your passing. While it may seem like the money you pay for life insurance may be an extravagance while you are alive, it will be an invaluable asset when your family can stay in your house, pay for your funeral and maintain the standard of living they are accustomed to. After all, you can’t come back to take care of them should the worst happen.
When shopping for life insurance, it is important to compare your options. Like any other important purchase in your life, different companies and policies will have different “pros and cons”.  Companies will assess factors such as your age, height, weight, family history, and much more when determining your premiums, and different companies will weigh these factors differently than others. By using an independent Life Insurance Agency, like SelectQuote, you will have help comparing your options and in finding the best company and policy for you.

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